MLT Aikins LLP acted as legal adviser to Canada’s Credit Union Centrals and to a newly formed limited partnership called CU CUMIS Wealth Holdings Limited Partnership, owned by Canada’s Credit Union Centrals and The CUMIS Group, in the merger and consolidation of the businesses of Credential Financial Inc., Qtrade Canada Inc. and NEI Investments.
The new entity, Aviso Wealth, is jointly owned by Desjardins Group and CU CUMIS Wealth Holdings Limited Partnership, with each holding a 50% stake. The five participating Centrals are: Atlantic Central, Central 1 Credit Union, Credit Union Central of Manitoba, Credit Union Central of Saskatchewan and Credit Union of Alberta. The Centrals represent the majority of credit unions across Canada.
With the completion of this merger on April 1, 2018, Aviso Wealth is now one of Canada’s largest independent wealth management firms, with more than 500,000 clients across the country, averaging more than $55 billion in client assets under administration and management. Aviso Wealth will focus on meeting the expanding wealth management needs of credit union members and other partners and clients across Canada.
The MLT Aikins transaction team included Peter Drazic, James Ferguson and Pamela Hilderman.
About Aviso Wealth
Aviso Wealth is a national, integrated financial services company serving the wealth management needs of virtually all of Canada’s credit unions as well as a range of independent financial organizations. Aviso provides comprehensive services and solutions that empower Canadians to achieve financial well-being and allow its partners to offer an outstanding wealth management experience to their members and clients.